Will Fourth Avenue’s Crest Clean Up?

these things are ugly and overpriced.

Posted by: guest at September 4, 2007 11:48 AM

Hi,

I am a contract holder.
I have set up a group for contract holders at Crest Park Slope, 302 Second St. Please email me at Yunghi@gmail.com to share information on closing and any new developments.

Thanks
Y

Posted by: guest at September 4, 2007 12:00 PM

Wow..looks like they just had another price increase.

Posted by: guest at September 4, 2007 12:03 PM

Fourth Avenue's turned the corner, haters. People out there will pay top dollar not to be in certain other neighborhoods. (Oh, waaaah! Why are people buying there? Our brownstones are so much prettier!) Kachingo kachingo kachingo!

Posted by: guest at September 4, 2007 12:14 PM

These are very orinary and ridiculously overpriced. It is bldgs like this that will suffer most in the real estate correction. I am not too sure that having 20 units in contract after being on the matket for about 4 mths is really impressive.

Posted by: guest at September 4, 2007 12:16 PM

I have been to many open houses for new developments in park slope over the past two years or so. This was one of the only places I've seen where the floor plans and fixtures look like they had any thought behind them at all. The prices were also reasonable. I'm not surprised that these are selling.

The model unit didn't make you feel like they built it on the cheap or like they were trying to pull one over on you somehow. Very different feeling than most of the other new buidings. Sometimes that's all you have to go on with new construction.

For all those about to jump on me, I am not a broker or involved with this building in any way. I do think that most of the new buildings are junk. This one felt like an exception to me.

Posted by: guest at September 4, 2007 12:21 PM

They are ridiculously small, but then that allows them within reach of a price point that yuppies can get 80% mortgages to hit.

When they grow out of their 800 sq ft 1 bedders and want to move, they may find they didn't make anything on them and in fact lost due to transaction costs.

Posted by: guest at September 4, 2007 12:47 PM

Most of 4th ave and south slope are seeing price increases - I think 4th ave is definatley on the way up - more restraunts, shops, bars and the like are on the way also.

Posted by: guest at September 4, 2007 2:02 PM

4th avenue is great. it's very lower east side-10 years ago-esque. close to amazing shops, restaurants, bars etc. on 5th avenue, close to manhattan.

people complain all the time that new york has lost its edge. this area still has it.

so stop your bitchin.

Posted by: guest at September 4, 2007 3:20 PM

I agree, I like that 4th avenue still has its edge, being at the border of Park Slope and Gowanus. I just hope that the community is able to retain some of that edge as the area continues to gentrify.

I live along 4th avenue, and love that I am able to go to access all the 5th avenue restaurants, and also watch indie films at the rooftop of the Old American Can factory on 3rd avenue. The day will probably come when these avenues will have the generic Duane Reades and Chase banks so I am enjoying its uniqueness as much as I can now.

Posted by: guest at September 4, 2007 3:33 PM

Just a correction, the 29 apartments listed in Street Easy as sold are also in contract, so add that to the 20 and you have about 72% in contract. I am a contract holder and my unit shows up in the "sold" section.

Re:
" I am not too sure that having 20 units in contract after being on the matket for about 4 mths is really impressive."

Posted by: guest at September 4, 2007 3:38 PM

The price might be a bit steep (it will be interesting how the mortgage situation affects the market this fall) but it isnt the location (while it is 4th Ave - it is close to the best part of 5th Ave; within 321 and 4th Ave is improving)-
The problem is that this project is being developed by the biggest amateur in NYC - Boymelgreen.

The building itself has taken over 3yrs to get to this point - still not finished. It (like many Boymelgreen projects - nee: "The Smith") has used an assortment of contractors who seem to walk away after a few months and leave the project open to the elements for months until the developer can russle together a new group. The quality of the construction cannot be any good with this practice - severe defects, mold and other problems(typical of Boymelgreen construction) are likely hidden under some nice floors and new paint jobs.

Not to mention that the building is not finshed, has virtually no one working on it currently (just like at Novo and the Smith) and hasnt for months. Seems likely that Boylemgreen is operating hand to mouth and doesnt leave much hope that there will be any post sale support once he dumps them on the market.

Posted by: guest at September 4, 2007 3:57 PM

The think the naysayers aren't realizing because you've spent much of the last 5 years bitching about Park Slope...in the meantime it has become one of the most sought after neighbrohoods in all of New York City. I hear it all the time from real estate agent friends.

This, in and of itself makes 4th avenue desirable. People want to be near if not in Park Slope. Period.

Posted by: guest at September 4, 2007 4:15 PM

So Staples and U-Haul are what constitute the long-lost and much lamented disappearing "edge" of NYC?

Posted by: guest at September 4, 2007 4:23 PM

4:23, I'm sure nobody meant that hahaha. U-haul and Staples can go away for all I care.

Posted by: guest at September 4, 2007 5:25 PM

Folks, wake up. Each bedroom and the living room have separate a.c. boxed out corners rather than one unit with ducts. Net result is significant diminution of floor space. I was actually interested in one of the two bedroom units. When you also deduct space required for the door swings a 120 s.f. space was reduced to about 70 s.f. of useable space.
The units have virtually no closet space: the master bedroom had one 3 foot closet and one 3 foot linen closet. The second b.r. had only a 3 ft. closet as well.
People have to live in these units and there were too many design flaws. The french doors open inward (why not sliders), more wasted space at the door swings. No screens, lots of bugs.
Awning windows, no screens just like in an institution.
Refrigerator selected has a bottom freezer drawer, nice to open for a few cubes. Why not some thought as to an ice cube water dispenser - reason is obvious, cheap Maytag manufacturer.
Many units have bedrooms with 9 foot widths, an absolute joke.
This place is done on the cheap but most folks don't measure the space or look at the details.
Very disappointing, I'm buying up the block at the Herritage which has huge rooms, base board hot water heat, central a.c. with the condensor on the roof and only slightly more expensive per s.f.
Good luck in getting your mortgage!
Marion

Posted by: guest at September 5, 2007 12:14 AM

Man, they messed up 2nd street with that buttugly stretch of condos. I see "The Heritage at Park Slope" is another of those hideous developments with those ridiculous little dictator balconies, suitable only for delivering speeches.

Posted by: guest at September 5, 2007 1:21 AM

Well Marion obviously works for Halstead. Tell me Marion why is it you seem to be the only moron to buy in the blandest building with the lamest and non-existent marketing campaign paying $800+ per foot for no views Heritage?? You obviously know nothing of construction or how to string together a sentence. Have a blast on your 3rd floor Juliette balcony!!

Posted by: guest at September 5, 2007 8:54 AM

the heritage is a dump.

looked at both this and there.

this place is leaps and bounds better than the heritage both in terms of construction quality and finishes.

i heard the heritage had severe foundation cracks.

Posted by: guest at September 5, 2007 11:14 AM

I am a nearby owner and have no interest in either - but the Heritage is being constructed in a FAR more professional manner; the whole building has gone up quickly and efficiently in a matter of months - they are clearly using professional contractors and materials and the prospects seem far better then Boylemgreen's Crest - which has been going up in fits and starts for YEARS.
As for the balconies - the Heritage actually has a clean front facade - so I dont know what 8:54 is talking about. (It does have rear balconies (not juliette).

If I was putting my $ into these apartments I'd feel alot safer at the Heritage since they clearly are capitalized properly; know how to build a building, and are likely to followup with any post-sale issues. Albeit there arent any great views to be had at that location.

Posted by: guest at September 5, 2007 12:27 PM

Since when does slapping something up in a short amount of time constitute good quality, 12:27?

Ever heard the saying Rome wasn't built in a day? Good things come to those who wait? The list continues.

Quick building, 9 times out of 10 leads to poor construction.

Sorry but it's true. And I sure as hell wouldn't buy a place that already has foundation issues.

I heard from someone that the Heritage brokers couldn't give an apartment away to save their life. The fact that these are nearly 75% sold says something, don't ya think?

Posted by: guest at September 5, 2007 12:37 PM

This is one ugly, fugly, just plain f----- ugly building!
And the air conditioning condenser on the roof can be seen by everyone up the hill in PS.
Between this building and the one by the same builder down the street ... what crap.
So the insides are just as bad as the outsides ... contractors come and go ... the net result will only be employment for some sleazy barristers.

Posted by: guest at September 5, 2007 12:45 PM

Except we arent using Roman construction methods anymore - all these condos are built using the same basic design - steel frame construction with poured concrete slabs and sheetrock walls surrounded by brick facade.
It isnt complicated and it doesnt require alot of time or 'craftsmanship'.

What it does require however is good engineering and quality construction. Both of which are difficult/impossible to really evaluate from the street but it is relatively easy to evaluate the professionalism, and efficiency of the construction teams.

In that regard it is clear that the Crest has been a boondogle with contractors coming and going, tons of complaints, delay after delay and sheetrock and interiors exposed to the elements for months and months (think Mold).
The job still isnt finished (with little work taking place), and Boylemgreen has been notorious in all his jobs for shoddy work and bad post-sale support.

On the other hand the Heritage has been built with amazing speed, few neighborhood complaints, consistent contractors (union?) and little unnecessary weather exposure.

I havent heard anything about a 'bad foundation' and I question your source but if I was a buyer I'd feel more comfortable at the Heritage. Thats not to say that it might not turn out exactly opposite to my prediction but based on Boylemgreen's horrible track record and the visable evidence - I'd be VERY hesitent to buy at Crest.

Posted by: guest at September 5, 2007 2:43 PM

Following up. I do not work for Halstead, I am in fact retired. My background consisted of 35 years experience working for HPD and its predecessor agency, finance, and a series of small r.e. developers and mgt. firms. I went to contract on a rear unit (not a sun worshiper) with a 100 s.f. balcony and a view of the NY skyline. It's true the view can disappear if the corner is developed, but that may be a few years away. I have been looking at every new development going up and find this to be the best designed property currently available. If anyone wants my opinion on some of the other gems drop me a line. I currently live on Lincoln Place where I am the President of our 8 family cooperative.
Marion

Posted by: guest at September 5, 2007 4:13 PM

To each his own I guess. I got in at the Crest early and got my unit for $600psf. The smaller cuts of the apartments made the total price affordable as well.

Looking at the Heritage I think it does seem nicer, but for $800+ psf and bigger cuts the total price was just out of reach.

I don't mind the separate box A/C's in the living room and bedrooms, I figure it would save me some electricity if I don't have to cool the whole place when I am just in one room? I like the bottom freezers so I can access the fridge, which I use more often, without having to bend down. Screens for windows can be installed later, the three apartments I have lived in never had screens and it wasn't a big deal. Some layouts do have small rooms, but not all. The rooms in the smaller 560 sq ft 1BRs are the sizes of alcoves in a regular studio, so I just think of it as a studio with a wall built in :) The bedrooms in the bigger 1 BRs (700-800 sq ft) are actually quite huge. The second bedroom in the smaller 2 BRs are also small, with the 9ft widths that Marion mentioned, and I thought those were more appropriate as nurseries or romms for kids.

Basically, this will sell to buyers who want starter apartments, of which I am one, so I am totally happy with it. The location is great, close to the subway, JJ Byrne Park and the upcoming Whole Foods.

Posted by: guest at September 5, 2007 5:49 PM

behold the ridiculous balconies:

- http://media.halstead.com/pictures/1445742-5.jpg

Posted by: guest at September 5, 2007 8:45 PM

Agree, 5:49. I also got in early and paid about $660/sf on the higher floor with a west view of the nyc skyline. I'm pretty certin that the panorama view would last for long long time as Con Edison would never traded in their parking spaces for package change of $$$.

Obviously every new building has pros and cons, but at the end of the day I justify my investment based on the theory of supply and demand. 72% in contract before completion of the building is very impressive. Who gives damn about the $800 low-end Maytag refrigerator when you've already paid for an avg of $550k per condo.

By the way, as a loyal Crest follower, the corcoran.com Crest listings haven't updated in 4 weeks hence marketing and publicity no longer needed. I suspect the number of condo in contract is much higher than 72% indicicated on Street Easy.

For your information Heritage and Crest are built by our friend Boylemgreen. Just checkout the website http://heritageparkslope.com (without "at").

I can't wait to move in, Crest.

Posted by: guest at September 5, 2007 9:14 PM

But you do have to wait, 9:14, you do. And wait... and wait...

Posted by: guest at September 6, 2007 2:02 AM

Hmm, any wagers on which will be done first -- The Crest or the Whole Foods site a few blocks away? :)

Well, that's the bright side if the Crest gets delayed I guess. There is greater chance that a grocery store within walking distance will be up by the time owners move in :)

Posted by: guest at September 6, 2007 8:29 AM

2:02 & 8:29, Crest is slated to close on November 1st.

Matter of fact, I prefer closing the condo at a later time as Wall Street is betting the Fed to cut the fed funds rate at or before Sept 18 meeting, with the target falling to 4.5% by year end from 5.25% currently.

So, the later is better. Cheers to lower interest rate. :-).

Posted by: guest at September 6, 2007 9:07 AM

"which will be done first -- The Crest or the Whole Foods...?"

Well, Crest does have good head start, and Whole Foods does have that whole big-pool-of-benzene problem to overcome. Still, it could be close...

Posted by: guest at September 7, 2007 1:28 AM

Folks, i'm a depositor on The Heritage, and there seem to be significant factual errors out there about the building, starting with the fact that Boymelgreen is NOT the developer. The building is being developed by PRD Realty/Bergen Tile, and the builder is, admittedly a personal friend, and I look forward to moving in.

I will also state, before folks start throwing eggs at me, that I am a real estate developer myself, and have walked through the building many many times at this point. There is no foundation issues, and if you want to find out for yourself, just feel free to go to the DOB website, where any violations and permits are filed. There is nothing there regarding re-work on the foundation.

As to comparisons w/the Crest - no, Heritage will never have great views, but, to put my 2 cents into the 'quicker is better/worse' conversation - when it comes to building - quicker is ALWAYS better. As the other writer states - the faster you have your buiding fully topped out and enclosed, the less weather damage your interior spaces will take. In today's day & age, a building of this size should take no longer than 18 months to build, anything longer speaks to a lack of professionalism, or stop-work issues.

Posted by: guest at September 21, 2007 2:27 PM

As a followup on Boymelgreen (who is NOT the builder of the Heritage, I have seen his work in all 5 boroughs, and he continues to amaze me with the level of dreck he has the gall to put on the market. If you want to see how the Crest will age - feel free to look at any of the balconies of his "Park Slope Estates" and notice the concrete over wire-mesh build which is deteriorating at an alarmingly rapid rate.

Posted by: guest at September 21, 2007 2:29 PM

One last item on Crest vs. Heritage - Yes, the Heritage is about $150/psf higher... but for the finishes that PRD Realty is putting in, it's more than worth it. I'll take Bosch over Maytag any day of the week. Additionally, i'll take a quiet mid-block location over busy and rather loud 4th Avenue as well.

Posted by: guest at September 21, 2007 2:31 PM

Re: Crest vs Heritage, another point is that the Heritage has larger apartments and do not offer smaller 1Brs and studios so total prie is quite significant. So, assuming there is a buyer for a 1000 sq ft apartment, and Heritage is $150/sq ft more, the difference is $150k. That could be used to replace the Maytags with Bosch and have so much more extra?

Posted by: guest at September 21, 2007 3:52 PM